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Asian investment consortium to sell Chicago office for $375m

by Andrea Waitrovich

Downtown Properties, Korean Teachers’ Credit Union and Korean Federation of Community Credit Cooperatives are selling Three First National Plaza, a 1.44 million-square-foot office in Chicago, for $375 million, or $261 per square foot. The buyer is Hearn Co.

Eastdil Secured represented the sellers.

Downtown Properties is an associate of Gaw Capital Partners. The firms bought the office property in 2011 for $344 million from Hines, on behalf of its U.S. Core Office Fund, and Me